— Japan Feb Housing Starts +7.5% Y/Y; MNI Fcast -1.8%
TOKYO (MNI) – Housing starts in Japan rose 7.5% on the year to
66,928 units, the first rise in six months after -1.1% in January, data
from the Ministry of Land, Infrastructure, Transport and Tourism showed
Friday.
The February came in better than the median economist forecast for
a 1.8% fall in a MNI survey.
The government has revived its temporary reward program for buying
energy-saving houses while the government-affiliated Japan Housing
Finance Agency has resumed offering low interest rates on long-term
loans for home buyers.
Reward points will be given to owners of greener homes under
construction or those being renovated to save energy consumption,
effective on Oct. 21, 2011. The program will end on Oct. 31, 2012.
As a result, the seasonally adjusted annualized rate of housing
starts stood at 917,000 units in February, the best reading since
939,000 in August 2011 and up from 822,000 units in January.
The breakdown follows:
— Owner-occupied houses: +1.5% y/y at 22,462 units, the first rise
in six months.
— Houses for rent: +9.4% y/y at 22,798 units, a second straight
rise.
— Condominiums and houses for sale: +13.1% at 21,308 units, the
first rise in three months.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4835 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
